News Release
Contacts: Mike Atkins Nikki Denton Open Technology Solutions Vanguard Communications (303) 708-7141 (303) 382-2999 matkins@open-techs.com ndenton@vanguardcommunications.net
Open Solutions Partners with Open Technology Solutions
Financial Services Firm Becomes Equity Member of New Technology CUSO
DENVER, CO – August 18, 2004 – Open Solutions Inc. (NASDAQ:OPEN), a provider of integrated enabling technologies for financial institutions and Colorado-based Open Technology Solutions, LLC, (OTS) a technology Credit Union Service Organization (CUSO) that allows credit unions to share technical expertise and systems, operational efficiencies and opportunities for business collaboration, today announced that Open Solutions Inc. has become an equity member in OTS.
Open Solutions is a technology software and service provider that offers their relational core data processing product, The Complete Credit Union Solution® (TCCUS), as well as a suite of financial services applications designed to support loan origination, Internet banking, cash management, Check 21, imaging, CRM/business intelligence, financial accounting and interactive voice response applications for credit unions.
OTS currently runs Open Solutions’ technology solutions in a CUSO environment for two of Open Solutions’ clients -- Bellco Credit Union and Bethpage Federal Credit Union.
“Inviting a key technology provider to become a partner in a CUSO recognizes the value of the provider and more tightly links the success of the two organizations.We look forward to a long, successful business relationship,” says Mike Atkins, Chief Operating Officer of OTS.“We are very excited about Open Solutions’ suite of applications, which supports member-specific marketing, enabling each credit union to serve its members in a much more personalized way.”
Open Solutions believes that its suite of applications will improve the way credit unions do business, according to Louis Hernandez, Jr., Chairman and CEO of Open Solutions. “Credit unions will be more able to quickly access member information, enabling them to market products and services that make sense to the individual, Hernandez says. “Partnering with OTS is another way to expand our reach within the credit union marketplace. OTS provides a collaborative environment for the credit union partners to implement our industry-focused technologies.We are very pleased to partner with OTS and participate with them in the continuing growth and ongoing success of this CUSO.”
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Open Solutions joins Colorado-based Bellco Credit Union and New York-based Bethpage Federal Credit Union as a member of the one-year-old CUSO.
About Open Technology Solutions
Open Technology Solutions is a Denver-based technology CUSO, formed by Bellco Credit Union and Bethpage Federal Credit Union in 2003, to allow credit unions to share technical expertise and systems, operational efficiencies and opportunities for business collaboration while utilizing the Open Solutions Inc. technology platform.OTS is located at 8085 South Chester Street, Suite 100, in Centennial, Colorado, 80112. For membership inquiries, please call (303) 708.7140 or visit www.open-techs.com.
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core
data processing applications, built on a single centralized Oracle® relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response and loan origination solutions.Open Solutions’ full suite of products and services allows banks, thrifts and credit unions to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156.Visit Open Solutions’ Internet site at www.opensolutions.com.
Open Solutions Inc.® and The Complete Credit Union Solutions® are registered trademarks of Open Solutions Inc.All other company and product names may be trademarks of their respective owners. Copyright © 2004 Open Solutions Inc.All rights reserved.
SafeHarbor Statement
Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results.All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them.Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading “Factors Affecting Future Operating Results” in Open Solutions’ Quarterly Report on Form 10-Q for the three months ended March 31, 2004, as filed with the Securities and Exchange Commission.
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